Peet's Coffee and Teas produces some flavourful varieties of Peet's brand coffee.Is Peet's a monopoly?
A)Yes, there are no substitutes to Peet's coffee.
B)No, although Peet's coffee is a unique product, there are many different brands of coffee that are very close substitutes.
C)Yes, Peet's is the only supplier of Peet's coffee in a market where there are high barriers to entry.
D)No, Peet's is not a monopoly because there are many branches of Peet's.

Question

Quizplus · Accepted Answer

Although Peet's coffee is a unique product, there are many different brands of coffee that are very close substitutes, meaning that Peet's is not the only supplier in the market. Therefore, it is not a monopoly.

Peet's Coffee and Teas Produces Some Flavourful Varieties of Peet's